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Budget Breakdown: How much you can save in San Diego by getting a roommate

SAN DIEGO (NEWS 8) — I's no secret that America's Finest City is also one of the most expensive but living in San Diego doesn't have to break the bank. According to a new study, you can save hundre...

SAN DIEGO (NEWS 8) — It's no secret that America's Finest City is also one of the most expensive but living in San Diego doesn't have to break the bank. According to a new study, you can save hundreds by making one simple switch.

“Housing is the most significant cost a person incurs,” said Ross Urken of SmartAsset.

Depending on which city you live in, those housing costs can be astronomical; including in San Diego, where the average rent for a one-bedroom comes in at $1845.

But SmartAsset, an online financial technology company, has released an eye-opening study that shows how upgrading to a two bedroom, averaging $2253, and then sharing those more spacious digs can lead to some major savings.

”Moving from a one-bedroom bachelor pad in San Diego County to a two-bedroom with a roommate is going to save you $718 a month,” said Urken.

This translates to an annual savings of more than $8,600 a year.

Money that Senior Editor at SmartAsset Urken says can be put toward your retirement fund, an emergency reserve, or simply something fun.

“Money that is going to be better spent than throwing it away on an apartment you don't build any equity in,” said Urken.

San Francisco, New York and Boston lead the list of cities where renters can save the most by getting a roommate. And five California cities, including San Jose, Oakland, Los Angeles and San Diego – are in the top 10.

“If you want to re-enact ‘The Odd Couple,’ or just want someone to split the rent with, it is a healthier financial decision,” said Urken.

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